The current legal market has many people considering leaving the comfort of big firm practice to hang their own shingle. If you are one of those folks wondering about making the leap to a firm of your own, you are probably desperate for the guidebook, checklist, or white paper that will tell you how to successfully start you own practice. Well-you are in luck, several of those resources actually exist. Of course, these books and lists are written by people who may have different skills, different ideas, and a different definition of success from yours. Thus-there is no perfect guide for you. Business ownership is a very personal journey. Your success and happiness in this journey will be directly correlate to your ability to reach your vision of success. So, read the books, listen to experts, but recognize from the outset that this is YOUR journey, take only the ideas that resonate with you. After all what does the author know about you and your vision of your practice? And before you form the question-Yes-of course this advice applies to anything I write as well. After all, I earn a living as a consultant to law firms not running a law firm.
Now that we have called a spade a spade, lets get down to business. If you are thinking of making the leap from employee to entrepreneur, here are ten tips to help you get your ducks in a row before you make the leap.
1. Do an honest evaluation of your skills and your situation.
a. Can you truly tolerate the risk of running your own business?
b. Will your family situation allow for the roller coaster of business ownership?
c. Do you have the discipline to be your own boss?
2. Create a business plan. Take a hard look at the numbers and create your WRITTEN business plan for success. There are several free services available that will help you put together a business plan including the Small Business Administration. Go to a free workshop, attend a seminar online, do whatever you need to do to learn how to write a business plan. After all, you may be the best lawyer on the block but if you don’t have a plan to turn those skills into a sustainable revenue stream-you are going to wind up back as an employee at someone else’s law firm.
3. Create a business development/marketing plan. When you are a solo-you are a solo. You are solely responsible for every facet of your business. If you don’t have a plan and a strategy for when and how you are going to bring in new business, it won’t happen. I could spend MANY MANY pages writing all the things that need to be in your business development plan. For now, just recognize that you must have a plan. Your business it too important to trust to serendipity and wishful thoughts. You need to understand where your clients will likely come from and what you need to be doing on a regular bases to create new clients. The key is consistent and strategic actions.
4. Sharpen your time management skills. Before you jump from the safety of being an employee, become an expert in time management. For many the most difficult part of running your own show is creating the time to practice law and run a law office. If you let it, your business will swallow every second of your time. You have to understand how to create time for the critical functions. This means having a laser sharp focus on your priorities and practicing every day with intention of what you need to achieve rather than in reaction to whatever the world throws your way.
5. Talk to those who have already made the leap. Talk to your friends from law school and your former co-workers. Ask them the hard questions. Find out what tools and resources they are relying upon. You are going to need to know everything from what time and billing system are they using to who created their website and everything in between. Start these conversations now, take notes, write down their ideas, and begin your due diligence.
6. Build a knowledge network. If you are practicing in a big firm you have the luxury of access and brain power of the other members of the firm. Once you jump, it will be just you and perhaps a partner or two. Either way, it is very unlikely that you will have the immediate access to the knowledge that is currently within your firm. Instead build a network of attorneys that you can call with questions and use as a sounding board.
7. Do not over spend. New business owners are easy targets for unscrupulous vendors. Buy only the essential things you need to get started. You can add software, research services, and everything else later when you really understand what you need. Most attorneys need only a few essential services to open up shop.
8. Double your budget and multiple your time. Inevitably in the beginning everything cost more than you think and takes more time than it should. Don’t fight this-just plan for it. Whatever budget you have come up with to start your law practice, double it. If it costs less-good for you. If the unexpected costs arise-you are prepared. Likewise with your time. You will be amazed at how long it takes to call the insurance broker, meet with the landlord, set up the phone system, etc. etc. Give yourself ample time for the initial administrative issues.
9. Do one more gut check. Why are you starting your own practice? Is this really your dream? What does success look like? How big do you want to grow? Can you handle the solitude of solo and small firm practice? Is your family ready for this?
10. Go for it! If this is really what you want and you have done your homework-go for it with gusto! Trust yourself. You have been successful up until this point in your life. Why would that suddenly change? Believe in yourself and in your abilities. Being a business owner means you will have some ups and downs-the successful business owners recognize that both are short-lived and the real joy is in the process. Go for it!
11. And a bonus tip-surround yourself with positive people who will keep you motivated, help you work through any issues that come your way, and provide you with the occasional push to keep you moving in the right direction.
If you still think you want to hang your own shingle, here are some great resources to help you make the transition.
About Jonelle- Jonelle Vold is a business development coach that is passionate about your success. A mother of twins, former Assistant Dean at a tier-one law school, attorney, and seasoned sales professional, Jonelle understands the challenges of high-level professionals. Her coaching philosophy is every person has the ability to be a rainmaker by cracking their own personal code and doing business with intention. You can reach Jonelle at jonelle@jonellevold.com or www.jonellevold.com.
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